Tag: nj homeowners insurance

A lawmaker in the state has now introduced a bill to stop premiums from skyrocketing after one claim. A recent homeowners insurance study brought to light a certain issue with regards to the significant raising of premiums for New Jersey customers after they had made one claim on their policies. The report showed that this issue was present across the country, but New Jersey took this to heart. The results were reflected in an insuranceQuotes.com data analysis that determined that after one homeowners insurance claim had been made in 2014,…

Over one in three flood policyholders in New Jersey will be impacted by changes taking effect tomorrow. A huge number of residents of New Jersey, including homeowners insurance customers who are still recovering from the damage left behind from Hurricane Sandy, are going to be impacted by the massive changes to the federal flood coverage program that will be going into effect tomorrow. It is predicted that one in every three flood policyholders in New Jersey will feel these changes. Although the primary home insurance policies, themselves, won’t be directly…

Homeowners insurance claims from Hurricane Sandy remain unpaid Over the past several months, new concerning Hurricane Sandy has been somewhat steady. The powerful storm struck the Eastern U.S. back in October 2012, but its effects are still being felt presently. The storm struck New Jersey particularly hard and has caused several problems in the realm of homeowners insurance, especially as many consumers expressed confusion over the coverage they had for their properties. Report sheds light on troubled financial landscape in wake of powerful storm The report comes from the…

Homeowners insurance landscape changes post-disaster Last year’s Hurricane Sandy dealt a powerful blow to the Eastern U.S. The powerful storm caused significant damage to homes and other properties in several states. In New Jersey, floods causing the most damage, putting heavy strain on the Federal Flood Insurance Program, which accounts for the majority of flood insurance protections in the country. The disaster brought several problems within the insurance sector to light, causing New Jersey lawmakers to take action on the issue of homeowners insurance in order to avoid future turbulence.…

The regulation has now been put into place in New Jersey to make sure residents understand their coverage. A new law in New Jersey is now requiring homeowners insurance companies to provide their policyholders with a one-page description of what is and is not covered by their policies. This was a direct response to the massive confusion among policyholders in the aftermath of Sandy. The measure has now been signed by New Jersey Governor, Chris Christie. This was announced by the Assembly Democrats in a news release The goal of…

The Senate in the state has given its unanimous approval to the clarification of policies. The New Jersey Senate has just given its approval to assist residents with achieving a better understanding of their homeowner insurance policies, passing a bill by a unanimous 38 to 0 vote. The bill would make it a requirement for insurers to make their coverage far simpler to understand. The Senate bill (A-3642) would require that homeowners insurance companies provide their customers with an information brochure – one that is already a requirement under the…

New FEMA flood maps may have a drastic impact on homeowners insurance rates The U.S. Federal Emergency Management Agency (FEMA) is revising its flood maps for 2013, and this may have a drastic impact on homeowners insurance, especially in the East Coast, where many homeowners are still struggling to recover from the impact of Hurricane Sandy. In New Jersey, Governor Chris Christie, who has levied harsh criticism against FEMA for its handling of Hurricane Sandy, is now warning state residents that they could see their homeowners insurance rates spike in…